A deal to sell the Standard High Line hotel for $400 million has fallen apart. The Journal reports that an investor in the buying conglomerate backed out, causing the group to lose their down payment. The buying group still wants to finish the acquisition by bringing on a new partner. If the sale goes through, it will constitute one of the highest prices ever paid for a hotel by room cost, which works out to about $1.2 million per. [WSJ; previously]
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